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39-Year-Old Founder's Wealth Jumps to $5.3 Billion After IPO

Tencent-backed app is burning cash to win market share
App now has a larger market value than General Motors

Meituan CEO Wang Xing discusses the Hong Kong trading debut and his business strategy.(Source: Bloomberg)

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By Lulu Yilun Chen

September 20, 2018 at 1:33 AM UTC

Updated on

September 20, 2018 at 1:09 PM UTC

This article is for subscribers only.

Wang Xing, founder of Meituan Dianping, has seen his net worth surge to $5.3 billion after the initial public offering of the food delivery giant.

Meituan shares closed at HK$72.35 on Thursday, 5.3 percent above the HK$69 price of the IPO. After Hong Kong’s second-biggest technology listing of the year, the unprofitable company has a market value of $50.9 billion, making it worth more than General Motors Co.